货币银行学课件 中大管院 第二章.pptVIP

? 2005 Pearson Education Canada Inc. 几个关键概念 金融体系：经济中促使一个人的储蓄与另一个人的投资相匹配的一组机构。 金融机构：帮助协调经济中的稀缺资源从储蓄者流动到借款者手中的各种机构。 关系：金融体现由金融机构构成，金融机构由金融市场与金融中介机构构成。 2-* 2-* Function of Financial Markets(金融市场的功能) 1. Allows transfers of funds from person or business without investment opportunities to one who has them 2. Improves economic efficiency 两个老太太的故事 2-* 2-* Classifications of Financial Markets 1. Debt Markets（债务市场） Equity Markets（股权市场） 1. Money Market :Short-term (maturity 1 year) 2. Capital Market :Long-term (maturity ＝1 year) 1. Primary Market（一级市场） New security issues sold to initial buyers 2. Secondary Market（二级市场） Securities previously issued are bought and sold 1. Exchanges（交易所） Trades conducted in central locations (e.g., Toronto Stock Exchange and New York Stock Exchange) 2. Over-the-Counter Markets（场外交易） Dealers at different locations buy and sell 2-* Internationalization of Financial Markets International Bond Market(国际债券市场） 1. Foreign bonds（外国债） 2. Eurobonds（欧洲债券） Now larger than U.S. corporate bond market （ Eurodollar) World Stock Markets（世界股票市场） U.S. stock markets are no longer always the largest: Japan sometimes larger 人民币国际化 2011年新年伊始世行宣布将在香港市场发行5亿元人民币“点心债券”。 截至2010年11月末，国内银行累计办理跨境人民币结算业务3884.56亿元，跨境贸易和投融资人民币业务实际收付人民币3144.65亿元。与此同时，海外人民币存量也空前扩张，根据香港金融管理局统计，截至2010年11月末，香港人民币存款已达2800亿元。 一种国际货币从母国向海外的投放渠道主要有进口贸易、对外信贷和对外投资三条。 2-* 2-* Function of Financial Intermediaries(金融中介机构的功能） Financial Intermediaries 1. Engage in process of indirect finance 2. More important source of finance than securities markets 3. Needed because of transactions costs and asymmetric information Transactions Costs 1. Financial intermediaries make profits by reducing transactions costs 2. Reduce transactions costs by developing expertise and taking advantage of economies of scale 2-* Function of Financial Intermediaries Risk Sharing（风险分担） 1. Create and sell assets with low risk characteristics and then use the funds to buy assets with more risk (also called asset transformation